Reliance Money, a brand by Reliance Commercial Finance Limited (RCFL), a subsidiary of Reliance Capital Limited today announced that it has signed an agreement with Indian Renewable Energy Development Agency Limited (IREDA) to receive funding of Rs.300 crore. IREDA is a Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
This loan assistance offered by IREDA will be utilized by Reliance Commercial Finance Limited for lending to its renewable energy and energy efficiency projects.
“Reliance Commercial Finance Limited is already a strong known name in the renewable energy funding space, especially related to solar & wind energy. Our partnership with IREDA opens new opportunities for us to create solutions for renewable power sector” said Mr. Devang Mody, Executive Director and CEO, Reliance Commercial Finance Limited.
RCFL has been a pioneer in financing renewable energy businesses across wind and solar energy sectors by financing / co-financing projects of more than 1800 MW.
Additionally, RCFL provides financial assistance for developing infrastructure and other projects targeted towards the government initiatives on renewable energy. Current government initiatives like ‘Prayas’, part of Prime Minister Narendra Modi’s ‘Make in India” campaign, aims to create 5 GigaWatts(GW) of photovoltaic manufacturing capacity from 2019 and build 20 GW of projects in the country by 2026. Government plans to raise renewable capacity to 175 GW by 2022 from 45 GW at present.
“With the PM’s vision of promoting renewable energy we too understand the importance of what right financing will do to the sector. We are delighted to be associated with Reliance Commercial Finance Limited. With the funding we are confident that RCFL will provide solutions and help fill any gaps in financing the Renewable Energy sector” said Mr. K.S. POPLI, Chairman & Managing Director, Indian Renewable Energy Development Agency Limited (IREDA)
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